Any updates on China's copper futures scandal?

Discussion in 'Metal Futures' started by lmn, Jan 7, 2006.

  1. lmn

    lmn

    Any updates on China's copper futures scandal? I believe the contracts in question matured in December, so what happened? Did the Chinese government deliver all the 200,000 tons of copper? Did they settle the loss by cash? Or did they walk away, leaving the broker to hold the bag?

    Apparently there were two theories regarding what this incident was really about. Some said it was all due to the 'rogue trader' Liu taking ruthless, massive positions. Others said Liu was just a scapegoat used by the government in an attempt to drive down the copper price. Does anyone know what actually happened?
     
  2. The increased purchases were made by the US Mint & Treasury in preparation to manufacture the new & larger 2-cent penny coin.